Heat oil in a multi-functional pressure cooker (such as Instant Pot) set to Sauté. Add onion and bell peppers; sauté until tender, about 3 minutes. Add garlic and cook until fragrant, about 30 seconds. Add ground beef substitute; cook and stir, until browned and crumbly. Add beans, tomatoes, and chili powder. Hit Cancel.
Close and lock the lid. Select high pressure according to manufacturer's instructions; set the timer for 5 minutes. Allow 10 to 15 minutes for pressure to build.
Release pressure carefully using the quick-release method according to manufacturer's instructions, about 5 minutes. Unlock and remove the lid. Serve immediately.